Galp Q3 profit up 16% at €187M leaves 9M profit up adjusted 86%

Galp Energia had a profit of €608 million in the first nine months of the year, up 86% on adjusted profit for the same period of 2021, as third-quarter profit rose 16% year on year to €187 million, the company said in a statement sent to Portugal’s Securities Markets Commission (CMVM).

In the statement, Galp said that the third-quarter results reflected a strong operating performance in all business segments, with Upstream and Industrial activities “capturing the strong macro environment.”

For the nine-month period, the profit of €608 million represents a rise of 86% compared to adjusted net profit for the same period last year.

Third-quarter results, meanwhile, were at €187 million up 16% rise on the same quarter last year, but down €265 million from the figure in the second quarter of this year.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) in the first nine months of this year were up 73% on a year earlier to €2.9 billion, while those in the third quarter were up 29% year on year to €784 million.